https://www.taxtmi.com/caselaws?id=387441 The High Court allowed the Revenue's appeal regarding a redemption fine as business expenditure under Section 37 of the Income Tax Act, setting aside the Tribunal's judgment in favor of the Revenue. The Court found the assessee directly involved in importing goods and responsible for the fine paid to the Custom House, thus liable for the penalty. The review petition, arguing for allowance under Section 37, was rejected as all aspects were considered in the original judgment, and no remand was necessary. The Court also considered the implications of a Supreme Court decision in reaching its conclusion. en-us Fri, 11 Oct 2019 00:00:00 +0530 Wed, 23 Oct 2019 14:44:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387441 The High Court allowed the Revenue's appeal regarding a redemption fine as business expenditure under Section 37 of the Income Tax Act, setting aside the Tribunal's judgment in favor of the Revenue. The Court found the assessee directly involved in importing goods and responsible for the fine paid to the Custom House, thus liable for the penalty. The review petition, arguing for allowance under Section 37, was rejected as all aspects were considered in the original judgment, and no remand was necessary. The Court also considered the implications of a Supreme Court decision in reaching its conclusion. Case-Laws Income Tax Fri, 11 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387441